Mortgage Rates Continue Historic Fall

national mortgage rates continue historic fall

This graph show it all. Mortgage rates are slamming downward past the historic lows already posted this past September. The fixed-rate 30 year mortgage is hovering around 5.41% and the 15 year fixed-rate mortgage is sliding south past 5.16%.

What is causing this historic rate drop? As we reported earlier this week, the Central Bank’s willingness to free up an additional $600 billion in debt for Freddie Mac and Fannie Mae.

What does this mean for the overall housing market in Nashville? It is a great initial sign for a full recovery should the economy either not slip into recession or not be in a recession. Although, I am not too sure that the country can avoid a mini recession at this point.